Home searches are lengthening as buyers find themselves up against steep competition. Sixty-four percent of buyers who are actively engaged in the homebuying process reported searching for three months or longer without success, according to research from the National Association of Home Builders reflecting first-quarter data.These long-term home searchers increasingly are blaming bidding wars. Forty-five percent of house hunters looking for thre
About Pat Having the right real estate agent means having an agent who is committed to helping you buy or sell your home with the highest level of expertise in your local market. This means also to help you in understanding each step of the buying or selling process. This commitment level has helped me build a remarkable track record of delivering results.Whether you are an experienced investor or a first-time buyer, I can help you in finding the
Appraisers are an integral part of the real estate sales process. It’s imperative that agents not only understand the fundamentals of the appraisal system but also follow the best practices for communicating with appraisers, especially while navigating today’s market.At an interactive session Thursday called “Ask an Appraiser” during the 2021 virtual REALTORS® Legislative Meetings, panelists shared best tactics for working with appr
After one of the swiftest economic declines in history at the start of the COVID-19 pandemic, the U.S. economy has experienced a significant recovery that began in the third quarter of 2020 and is continuing into 2021, experts said on Friday at the Commercial Economic Issues and Trends Forum. The panel discussion during the virtual REALTORS® Legislative Meetings explored the implications of the recovery for commercial real estate, pred
Not long ago, frenzied markets were limited to select metro areas like Seattle, San Francisco, Boston, and other tech hubs where young adults were moving.Now the tumult is everywhere.Existing-home sales prices are up 18.4% year over year, and every single one of the more than 180 metro areas tracked by NAR have seen year over year price increases. Indeed, the U.S. has seen 109 months of year-over-year housing price gains, said Jessica Lautz, vice
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Across the country, listings are being scooped up so quickly that there’s little inventory accumulation. Contract signings increased 23.3% year over year in March, according to the National Association of REALTORS® Pending Home Sales Index. Buyer demand has indeed created a hot market, but it’s also putting pressure on agents to help their clients compete amid multiple offers.Unfortunately, multiple-offer situations can lead to some bumps in
The median existing-home price for a single-family home in March jumped to a record high of $334,500, according to data from the National Association of REALTORS®. Meanwhile, the median sales price of a newly built home was $330,800, according to U.S. Census Bureau data.New homes are traditionally more expensive than used homes. The scenario in which existing homes sell for more than a new home hasn’t occurred in more than 15 years, CNBC repor
A U.S. District Court judge ruled Wednesday that the Centers for Disease Control and Prevention’s nationwide eviction moratorium is unlawful, striking down the ban and delivering relief to housing providers who haven’t been able to collect rent from struggling tenants for more than a year. The U.S. Department of Justice has filed an appeal.After the CARES Act, which Congress passed in March 2020, established an eviction moratorium t
It’s a good time to work in a new-home niche as new-home construction becomes more attractive to home shoppers since the pandemic. The number of existing homes for sale has dropped to historic lows while builders are ramping up production. More than a quarter—25.7%—of single-family homes for sale during the first quarter were new-construction homes, according to a national analysis of real estate data from Redfin.“Building homes has becom
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